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The S&P/TSX Composite Index fell on Wednesday, May 19, as energy stocks weakened due to falling oil prices amid demand concerns. The main Canadian index traded 0.46% lower at 19,417.03 at close.
Additionally, rising inflation data also took a toll on the TSX composite index. The energy sector dropped 2.9% after US crude oil prices dropped 2.7% per barrel and Brent crude fell 2.5%.
1-Year Price Chart (as on May 219, 2021). Source: EODHD/Others (Thomson Reuters)
Major Movers and Gainers
Active Volume
The most actively traded stocks on the TSX on Wednesday were Enbridge Inc, with 26.78 million, Manulife Financial Corporation, with 16.72 million, and Cenovus Energy Inc, with 13.13 million.
Wall Street
Wall Street erased steep losses and closed the tumultuous day far off its lows as cryptocurrency prices rebounded. However, the mood was still dragged down by weakness in the speculative sections of the market.
The Dow Jones Industrial Average was down 0.48% at 33,896, while the S&P dropped 0.29% to 4116 and Nasdaq ended flat at 13,300.
Commodity Update
Gold Contract traded slightly lower at $1,866.20/oz, down 0.23%.
Crude oil prices declined for a second day in a row on Wednesday, triggered by growing concerns over global oil demand amid rising coronavirus cases in Asia. The dip was also influenced by the possibility of the rising inflation prompting the US Federal Reserve to hike interest rates.
As a result, Brent Oil contract slipped 2.98% to US$ 66.66/bbl, while WTI Crude Oil plummeted 3.25% to US$ 63.36/bbl.
Forex Update
The Canadian dollar weakened against the US greenback on Wednesday, after three consecutive days of strength. Currency pair USD/CAD closed at 1.2131, up 0.56%, on May 19, 2021.
The US Dollar Index gain some grounds against the basket of major currencies and closed at 90.22, growing 0.52%.
Money Market Cues
Yield on the US 10-year Treasury Bonds rose 2.19% to 1.676% on Wednesday.
The Canada 10-year Government Bond yield also climbed 0.90% to 1.57%.
Cryptocurrency Update
Prices of widely recognized cryptocurrencies, such as Bitcoin, Ethereum, Dogecoin and Cardano, have dropped massively over the last 24 hours.
At one point of time, Bitcoin stood at $30,261.7/coin, which was approximately 30% down from its previous traded session. However, it managed recover significantly from that low and settled about 14.4% lower at 36,720.5.
Ethereum fell 28% amid the panic selloff and settled at $2,435.69.
Meme-based cryptocurrency Dogecoin plummeted 30% to $0.33035.
